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Nonprofit News From Elsewhere
The furor over ProPublica’s expose of billionaires’ tax filings once again trains a spotlight on the use of charitable donations to avoid putting money in the Treasury’s coffers. Warren Buffett, for instance, reported taxable income of only a small fraction of his estimated $110 billion fortune. Like many others, much of his wealth is in stock, which will not trigger a tax bill until it is sold. But he can also avoid income and estate taxes by socking it away in a charitable foundation, which he plans to do. “I believe the money will be of more use to society if disbursed philanthropically than if it is used to slightly reduce an ever-increasing U.S. debt,” he told ProPublica. (ProPublica)
Commentary: A move last year to allow museums to sell off artworks to fend off financial ruin during the pandemic turns out to have been an unnecessary disaster. An unscientific survey of museums in Southern California found an average endowment gain of nearly 24 percent, amounting to about $104 million, over the past year, likely from closures that lowered operating costs and an exuberant stock market that hiked the value of their investments. But museums continue to offload parts of their collections, potentially putting them out of public reach. The Museum of Contemporary Art San Diego, for example, recently auctioned 10 pieces for $900,000, even though its endowments have risen by 14 percent in the past year. Some museums have seen an emergency decision by the Association of Art Museum Directors to lift a prohibition on selling pieces to raise funds for the care of their collections “as a brief window of opportunity for some fast cash.” (Los Angeles Times)
More News
- Attack in Afghanistan Kills 10 From Charity That Clears Land Mines (New York Times)
- Corporation for Public Broadcasting Analysis Finds Steep Declines in Station Underwriting and Foundation Funding (Current)
- Museum’s Role in Police Mural Outside Detroit Draws Criticism (New York Times)
- King County Promised to End Youth Homelessness by June 2021. It didn’t. (Seattle Times)
- Can I Donate Cryptocurrencies to Charity? I Want to Support Good Causes, but Don’t Understand the Tax Rules (Financial Times — subscription). Plus: Read more about cryptocurrency and charity.
- Harvard-Bound Grad Asks High School to Give Her $40,000 Award to a Community College Student (Washington Post)
